"We launched into our 2008 fiscal year by further increasing the level
of clinical activity for our lead drug, nimotuzumab," said David Allan,
Chairman and CEO of YM BioSciences. "In July 2007, we initiated patient
enrollment for our colorectal cancer trial - the first trial using
nimotuzumab with chemotherapy in a bulky tumor. Data from this trial could
provide important evidence supporting the observations to date that
nimotuzumab can deliver efficacy without the debilitating side effects
common to other EGFR-targeting drugs. In August 2007, YM-USA received
clearance from the FDA to initiate a 44-patient clinical trial in children
with diffuse, intrinsic pontine glioma (DIPG), an inoperable progressive
brain cancer."

"More recently our licensee in Europe, Oncoscience AG, recruited its
first patients into a randomized Phase III trial in first line adult
glioblastoma grade IV and a Phase IIb/IIIa randomized, placebo controlled
trial in patients with advanced pancreatic cancer for which YM has received
clearance to extend into Canada. Moreover, Daiichi-Sankyo, our licensee in
Japan, has advised us that it has completed its preliminary trials with
nimotuzumab, permitting it to advance into more advanced trials in 2008,"
added Mr. Allan. "We also continued to progress the development of
AeroLEF(TM) and the FDA have scheduled an end-of-Phase II meeting to
discuss the Phase III trial design. August 17,

The first US trial for AeroLEF(TM) has
been cleared to proceed by the FDA and is pending clearance with the
relevant Investigator Review Boards."

Nimotuzumab:

Nimotuzumab, a humanized monoclonal antibody that targets the epidermal
growth factor receptor (EGFR), is currently in varying stages of
development in a number of trials, including colorectal cancer, adult and
pediatric glioma, non-small-cell lung cancer and pancreatic cancer. During
the first quarter of fiscal 2008:

AeroLEF(TM) is a proprietary, inhaled-delivery composition of free and
liposome-encapsulated fentanyl in development for the treatment of moderate
to severe pain, including cancer pain. AeroLEF(TM) uniquely permits
patients to identify and select the appropriate dose in real-time for each
pain episode to achieve both rapid onset and extended duration of
analgesia. During the first quarter of fiscal 2008:

- YM announced the clearance by the FDA for the first IND in the US for

AeroLEF(TM).

- A request to the FDA for an End-of-Phase II meeting prior to calendar

year-end 2007 to discuss Phase III trial designs was submitted. YM

has been notified by the FDA that this meeting has been scheduled.

- YM received clearance from the FDA to initiate a Phase II trial in

the US in opioid-tolerant or opioid-naive patients. This trial is not

rate-limiting to the Phase III timeline but a successful trial would

further extend the utility and medical breadth of the product if and

when approved. Enrollment in the 50-patient trial is expected to

start in calendar Q4, 2007.

Financial Results (CDN dollars)

Total revenue for the first quarter of fiscal 2008, ended September 30,
2007 was $1.8 million compared with $1.8 million for the first quarter of
fiscal 2007, ended September 30, 2006. Revenue from out-licensing was $1.1
million for first quarter of fiscal 2008 compared with $0.9 million for the
first quarter of fiscal 2007. Interest income for the first quarter of
fiscal 2008 was $0.7 million compared with $0.9 million for the first
quarter of fiscal 2007.

Total operating expenditures for the first quarter of fiscal 2008 were
$5.6 million compared to $9.7 million for the first quarter of fiscal 2007.
General and administrative expenses were $2.0 million for the first quarter
of fiscal 2008 compared with $1.9 million for the first quarter of fiscal
2007. Licensing and product development expenses decreased to $3.5 million
for the first quarter of fiscal 2008 compared to $7.9 million for the first
quarter of fiscal 2007. The change is mainly the result of reduced
development activity for tesmilifene, for which a Phase III trial was
terminated in January 2007, and reduced clinical development costs for
nimotuzumab and AeroLEF(TM), for both of which certain trials have finished
and others are just starting up.

Net loss for the first quarter of fiscal 2008 was $3.6 million ($0.06
per share) compared to $9.7 million ($0.17 per share) for the same period
last year.

As at September 30, 2007 the Company had cash and cash equivalents and
short-term deposits totaling $71.1 million and payables and accrued
liabilities totaling $2.2 million compared to $75.6 million and $3.3
million respectively at June 30, 2007.

As at September 30, 2007 the Company had 58,216,309 common shares
outstanding, of which 2,380,953 common shares are held in escrow for
contingent additional payment related to the acquisition of Delex
Therapeutics Inc., 5,799,765 warrants, and 6,155,662 options.

AGM Announcement

YM BioSciences' Annual Meeting of Shareholders will be held on November
28th, 2007 at 4:00 p.m. at the Gallery of the TSX Broadcast & Conference
Centre, The Exchange Tower, 130 King Street West, Toronto, Ontario.

About YM BioSciences

YM BioSciences Inc. is an oncology company that identifies, develops
and commercializes differentiated products for patients worldwide. The
Company has two late-stage products: nimotuzumab, a humanized monoclonal
antibody that targets the epidermal growth factor receptor (EGFR) and is
approved in several countries for treatment of various types of head and
neck cancer; and AeroLEF(TM), a proprietary, inhaled-delivery composition
of free and liposome-encapsulated fentanyl in development for the treatment
of moderate to severe pain, including cancer pain.

This press release may contain forward-looking statements, which
reflect the Company's current expectation regarding future events. These
forward-looking statements involve risks and uncertainties that may cause
actual results, events or developments to be materially different from any
future results, events or developments expressed or implied by such
forward-looking statements. Such factors include, but are not limited to,
changing market conditions, the successful and timely completion of
clinical studies, the establishment of corporate alliances, the impact of
competitive products and pricing, new product development, uncertainties
related to the regulatory approval process and other risks detailed from
time to time in the Company's ongoing quarterly and annual reporting.
Certain of the assumptions made in preparing forward-looking statements
include but are not limited to the following: that nimotuzumab will
continue to demonstrate a competitive safety profile in ongoing and future
clinical trials; that AeroLEF(TM) will continue to generate positive
efficacy and safety data in future clinical trials; and that YM and its
various partners will complete their respective clinical trials within the
timelines communicated in this release. We undertake no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.

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